The optimal number of workers for a perfectly competitive firm to hire occurs when
A) total labour cost equals total revenue.
B) the lowest possible wage is accepted by workers.
C) the wage rate equals the marginal product of the last worker.
D) the wage rate equals the value of marginal product of the last worker.
E) the largest output is achieved.
Correct Answer:
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Q1: The relationship between labour usage and output
Q2: The benefit of hiring an extra worker
Q3: The relationship between labour usage and output
Q5: The value of marginal product
A) is equal
Q6: One of the reasons why the majority
Q7: Lou's marginal product is 12,the firm's output
Q8: Firms tend to assess wage compensation to
Q9: When a highly qualified individual is eliminated
Q10: If Billy's value of marginal product is
Q11: A firm is interested in what other
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